When to buy the gold pullback?

[Smiley Gladhands]

Spot gold is down from the 830-835 range to the 800-805 range this morning... about a 3% decline.

Silver is down nearly 5% to 14.80ish.

I'm trying to figure out when to start buying more gold/silver. I see stronger support for gold around 770, so'm tempted to wait on gold. Silver may not be able to pull back much further, since it has not run as far after breaking out. The dollar is up a bit today, but you have to figure that a dollar rally can't be very long-lived.

I think I'm going to watch this week closely and try to react as news comes in. I know a lot of people are waiting to buy this pullback...the question is, how far can it go down before it shoots back upward?

 

[johngr]

EU made noises lowering interest rates to take the heat off the dollar.

 

[murrayrothbard]

It depends on what the goal is. If you are buying gold as a bet on a long term upward trend vs the dollar and intend to hold it for the duration, then plus or minus a few dollars doesn't really matter. Trying to hit the exact bottom of the pullback really only makes a difference if you are just trading and have no desire to actually buy and hold for the long-term.

 

[fluoridatedbrainsoup]

Do what I do - buy silver, and pan/detect diamonds and gold. If you must buy gold, then might as well buy now, as I don't see the dollar getting any stronger than this. Anything that holds its value in the face of inflation is your dearest friend - Holding physical is the ultimate hedge against runaway government, and will smooth your anxiety... somewhat.

 

[Smiley Gladhands]

EU made noises lowering interest rates to take the heat off the dollar.

That may spark a short-term dollar rally, which will spark short-term gold profit-taking, but all Europe's lowering rates does is add more liquidity to the system and encourage more global price inflation again.....which should be bullish for gold in the long-term. People will see that and buy the pullback.

My guess is 770 for gold. We'll see...things are looking fairly stable here, but oil could possibly selloff some more and bring gold with it. At 770 i'll definitely add some.

 

[RPFTW!]

Buy now, I just bought 1000$ worth of silver.

 

[expatinireland]

I don't see the ECB lowering rates yet. JC Trichet really has been wanting to raise EURO rates so at best I see the ECB leaving rates where they are for now.

The problem with gold in trying to pick a bottom is that you can go out on an errand and when you get back to your screen wha-la the price is up 3%.

 

[rg123]

How do you purchase gold or silver is it through the stock market or actual gold
I want to start switching some of my savings but do not know how to go about it

 

[PatriotG]

762.50 Potential for a correction to this level.
Just my opinion, thats from a chart I watch.

You investment objective is key.

If you in for the long haul, This move down is no big deal.
Gold will still continue in the uptrend. Alot of people are talking 1600 Inflation Adjusted.

My upside potential, Just not sure
We broke through 800 with no problem at all, this leads me to belive that futher strength is in the cards. There are buyres lurking in the shadows.

I have Physical metal which, go ahead and laugh if you want, I will be using at the Grocery store and what have you when the S--T hits the fan.


You can buy int Exchange Traded Funds ETF's. GLD and SLV are two of them.
With these you never take possesion of any metal.

I have ETF's also, im in cheap there,so not to worried about the downside.
The only problem with the ETF"s, when you sell them, you are paid in FRN's


Purchasing bullion online:
I have bought metal in the past from these guys.

http://www.nwtmintbullion.com/silver.php

Prices are reasonable, and they have never dissapointed.

PatriotG

 

[Smiley Gladhands]

How do you purchase gold or silver is it through the stock market or actual gold
I want to start switching some of my savings but do not know how to go about it

It depends on why you're buying it...for short-term trades the ETFs GLD or SLV can minimize short-term transaction costs. But if you're buying for the long-term, buy the physical coins or rounds or bars.

www.goldismoney.info has a Beginner's forum, as well as many other good forums.

www.apmex.com is a good site from which you can buy the stuff.

Check out a few of my previous ramblings for more opinions as well.

 

[rodent]

The guys who said this is the low are a little too eager. I say we pull back over 3-4 days short-term bear market. The profit taking will be heavy, then we'll see a small run up, more profit taking, then another run up.

I said $750, but I could see a pull all the way to $700 depending on what happens in the currency markets.

 

[Jaxon]

I bought some silver and gold today. I might have saved a little by waiting for prices to dip further, but as others have said, a few dollars makes little difference in the long run. The important part is getting the metal. It looks like the next few days will be a good time for buying.

I'd like to second the recommendation for the http://goldismoney.info forums. There's a wealth of information there if you're new to precious metals. In addition to APMEX, http://www.bulliondirect.com is another shop with a good reputation.

The first purchase is the most difficult, but it gets easier once you realize how quickly the value of your savings is being eroded by inflation.

 

[Smiley Gladhands]

I got tired of waiting and bought more gold this morning.

http://www.reuters.com/article/marketsNews/idUKN1359172520071114?rpc=44

Better early than never I guess. I'll be buying more if it pulls back further.

 

[Brian4Liberty]

Gold at $800? Guess I'll buy...

 

[t0rnado]

I was like :O and but then I saw the date and I was like XD

 

[lester1/2jr]

lol


1000 is the new floor

 

[Original_Intent]

I was like :O and but then I saw the date and I was like XD

Me2

 

[pacelli]

This is an excellent, comprehensive PM site that compiles PM-related news, prices, and articles 24 hours a day. Especially helpful for keeping tabs on foreign markets and currencies as well.

http://www.24hgold.com/english/home.aspx

 

[ctiger2]

I'll go with $1100

 

[hazek]

LOL I just did a search for the rooky asking questions about gold and silver and I found this thread that just made me laugh out laud.